The necessity was felt and initiative was taken on 2060 B.S to have a common platform to strengthen the voice of remittance companies when the leading remittance companies sat together to discuss on further augmenting the remittance through formal remittance channels in Nepal. Started with the few members, the initiative gained momentum when leading players of the market joined the association and actively supported to consolidate and to expand. With the central bank recognizing the association, the association has taken various steps in resolving the issues prevalent in remittance business and has also cooperated central bank in streamlining and in fostering the remittance business. Introduction of remittance by-law has been major achievement of the association. Adhering to the KYC/CFT and other national and international compliance regulations has always been the major thrust of association.
Remittances to Nepal have a stronghold in the national economy and they have also transformed the lives of a large number of rural people. Remittance inflow in Nepal began with the entry of Nepalese youths in the British Indian Army during the World War I. Following this, there were increased remittances to Nepal when a large number of Nepalese youths joined the Indian army in the 1950s and 60s. Simultaneous to this, the increased number of Nepalese migrant workers in India also contributed to bring in remittances from India. This initial phase of foreign employment came to a sea-change in...
Today's Exchange Rate9
May 24, 2019
|US Dollars||1 USD||Rs. 111.13|